Word: assets
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...revolving debt, a chunk of that total will get paid off in full every month, which would result in an aggregate default of less than $100 billion. That number doesn't come near the losses that have occurred in the $14 trillion U.S. mortgage market. Moreover, credit card asset-backed securities aren't as far-reaching or as complex as mortgage asset-backed securities, and they don't have large amounts of credit-default swaps piled on top of them like mortgages do. As a result, a total collapse of the credit-card industry wouldn't have the same...
...stabilize the financial system may push a number of banks out of business. In the past few weeks, as many as 67 financial firms have received a portion of the $700 billion bailout approved by Congress. But absent from the list of companies approved for the government's Troubled Asset Relief Program (TARP) are a handful of midsize banks, which rank among the 50 largest in the nation by the Federal Reserve. And that has a number of analysts and investors who follow these companies worried. "It's a case of be careful what you wish for," says Thomas Brown...
...Today, amid the credit crunch, leverage is again proving to be a troublesome strategy. Borrowing has become prohibitively expensive. Plus, in markets where deep losses are inflicted on virtually all asset classes, there are fewer pricing discrepancies for hedge funds to take advantage of. Then there's the short-selling - betting on falling stock prices - that funds use to hedge against losses and theoretically make money whether equity markets rise or fall. Funds that employ long/short strategies have been hampered by government bans on short-selling intended to calm unsettled markets. Indeed, shorting strategies have been widely blamed for exacerbating...
...campaign, this one didn't resonate with voters. The jab was based on an outdated caricature of Chicago, and more than anything, it further underscored McCain's age. What he and fellow Republicans didn't (and probably still don't) understand is that being from Chicago is now an asset for a presidential candidate, not a liability...
...allowed Lehman to fail. Although, given how much criticism they got for their semi-bailout of Bear Stearns in March, it's easy enough to see where that decision came from. Less easy to understand is why Paulson initially stubbornly insisted that the bailout bill be structured as an asset-purchase plan - it's still called the Troubled Asset Relief Program, or TARP - rather than as a straightforward recapitalization of troubled banks. Treasury has since switched to the latter approach, so far putting $216 billion of the TARP hoard into capital injections. On Wednesday, Paulson said that Treasury has concluded...